LVMH will appoint a new fashion group head when Toledano steps down

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LVMH will appoint a new chairman and CEO for its fashion group division, the conglomerate confirmed at its annual general meeting today, as Sidney Toledano transitions into a different role.

Reports have been circulating that Michael Burke, former chairman and CEO of Louis Vuitton and since February 2023, strategic adviser to LVMH chairman and CEO Bernard Arnault, is likely to replace Toledano at the helm of the fashion group, which includes Celine, Givenchy, Loewe, Patou, Pucci, Marc. Jacobs and Kenzo.

Online fashion publicationMiss Tweed first reported that Burke would become the new CEO. Sources say Fashion Businesspromise will likely happen this summer. LVMH declined to comment on whether Burke would be suitable for the job.

At the AGM, Arnault thanked Toledano for nearly 30 years [of] work together. “I want to highlight the incredible job he has done, when he headed Christian Dior Couture and his role as the person in charge of the fashion group,” Arnault told shareholders. He hinted that Toledano was moving into another role within the company, though he did not provide details. He doesn’t go away, he gets called to another function. We will continue to work together in other contexts. I’m not going to say more, I’ll talk about it with you next year, said Arnault.

Toledano joined Dior in 1994, and was promoted to chairman and CEO of the brand four years later. He moved to become head of the fashion group’s division in 2018, handing the helm of Dior to Pietro Beccari. In addition to his role at LVMH, Toledano is also chairman of the Paris fashion school Institut Franais de la Mode and president of the Chambre Syndicale de la Haute Couture. In December 2022, he stepped down from his role as CEO of Christian Dior SE, the holding company that controls 41 percent of the capital and 56 percent of the voting rights in the LVMH Group, after 20 years. Antoine Arnault, eldest son of Bernard Arnault, who is also the CEO of Berluti, chairman of Loro Piana, and oversees all communications, image and environmental matters related to the LVMH Group, taking over from Toledano.

Speaking of the fashion group, Arnault named several successful brands, including Celine, which passed the 2 billion mark in 2022 and is approaching the 3 billion mark, and Loewe whose creative director, Jonathan Anderson, he called a designer full of potential.